From www.asp.net:

Visual Web Developer Express Edition 2005 Beta 1 Released!

Microsoft is pleased to announce Visual Web Developer Express Edition 2005 Beta 1, a lightweight, easy to learn development tool focused exclusively on Web development. Inside you will find everything you need to begin building exciting, dynamic Web applications with ASP.NET 2.0. Visit http://lab.msdn.microsoft.com/express/vwd/ for more information and to get the Beta!